Lloyds Cash Account Upgrade

sscott5581

I am just back from an appointment with Lloyds to upgrade my cash account to a current account, the person I spoke to initially told me the system would not allow an upgrade and to take in a copy of my Experian report.

I went in with my report today (no adverse data) and was told they would still have to credit search, they did this and the application was referred. The women went to phone credit refer and my application was still declined, no reason given.

I noticed on her screen credit policy decline and 99.

Anybody have similar experiences or any ideas as to why I have been declined.

Thanks
Steven

PARIS_5000

I have asked lloyds TSB to upgrade my cash account for months and they keep saying no even through I have no adverse. They told me take in my credit file as well but I did not bother because I have a risk band of 9 and to get the classic account the risk band needs to be 6. I have always kept my account in perfect order but I have been told that it is very hard to upgrade the cash account and they are always given a very high risk band of 9. I have a full bank account with HSBC with overdraft and credit card so I am going to stick with them and leave lloyds alone.
Good luck

worried_jim

All Rubbish. You can't have a classic a/c and cash at the same time, to upgrade the cash needs to be closed first of all, it can be done but it is a load of grief and if you have anything outstanding on your file (and bear in mind, just because you have a copy there is usually lots more information that you haven't requested) it will be declined. Please ignore any credit scores or risk bands as it make no difference all you need are no ccj's or default notices. most of the applications that fail are for really trivial amounts- for example 5 years ago you spent 6 weeks at a temporary address and the gas board never got the £26 you owe and the bill has never reached you. You get your credit file and didn't request that address as you've honstley not remembered it so its not on the experian file that you have requested. Hence the cash a/c. If the member of staff was able to offer you a classic they certainly would as they get paid and targeted for doing so. If you want to see you complete credit report you need to ask for a subject accsess request from experian/equifax to get the full picture. I hope this helps you.

halight

In responce to the above. I agree with everything you say apart from that you can not have a cash a/c and a current a/c at the same time. Up untill last year i have both running at thye same time. I used my cash a/c for my DDs to go out of. and my current a/c for everything else.
I do have to say that i did set up the cash a/c 4 years after setting up the current acount so maybe doing it this way is difrent.
i sitll have my current account with lloyds but closed the cash account down late last year.

As iv said everything else the abouve poster says i agree with

PARIS_5000

worried_jim wrote: »

All Rubbish. You can't have a classic a/c and cash at the same time, to upgrade the cash needs to be closed first of all, it can be done but it is a load of grief and if you have anything outstanding on your file (and bear in mind, just because you have a copy there is usually lots more information that you haven't requested) it will be declined. Please ignore any credit scores or risk bands as it make no difference all you need are no ccj's or default notices. most of the applications that fail are for really trivial amounts- for example 5 years ago you spent 6 weeks at a temporary address and the gas board never got the £26 you owe and the bill has never reached you. You get your credit file and didn't request that address as you've honstley not remembered it so its not on the experian file that you have requested. Hence the cash a/c. If the member of staff was able to offer you a classic they certainly would as they get paid and targeted for doing so. If you want to see you complete credit report you need to ask for a subject accsess request from experian/equifax to get the full picture. I hope this helps you.

I never said that you can have a cash account and classic account at the same time. I said that I was having problems getting my cash account upgraded to a classic account and I already said in my post that I was told by lloyds that they do paid attention to risk bands. I have been told a number of times because I have a risk band of 9 that my account cannot be upgraded.

Milarky

I had a cash account with Lloyds initially and then wanted to upgrade it to classic (to get a debit card) This was declined but I was told they based the decision on account conduct/use. However about six months after Lloyds did write to me (from the branch itself) inviting me to an interview to see about an upgrade - which was then agreed.

In truth I had used the cash account no more in the six months than earlier - so it may have been they monitor you only after you request and can facilitate after a period provided that use remains satisfactory.

sscott5581

Thanks for you replies.

worried_jim

PARIS_5000 wrote: »

I never said that you can have a cash account and classic account at the same time. I said that I was having problems getting my cash account upgraded to a classic account and I already said in my post that I was told by lloyds that they do paid attention to risk bands. I have been told a number of times because I have a risk band of 9 that my account cannot be upgraded.

There is a possibility that your account is risk band 9 because there is something on the credit file, or there is no mandated salary into the account, however this doesn't mean that there is no chance of having the account changed.

jonesMUFCforever

How much is credited to the account monthly and where does it come from?
Most accounts with a turnover of less than £500 per month or benefits may well default to cash account even if your credit file is clean.

Tribulation

We have had a cash account with Lloyds for 9 years. Apart from one instance in the first couple of weeks of there being insufficient funds, in over 8 years we've run the account properly.

My wife also has her business account with Lloyds.

At numerous times throughout the past few years we've been told by them that it's come up on their computer that they can upgrade our account and we made an appointment each time to come in and get it done.

Every single time they've said they are unable to do it and they have no idea why it come up on the cashiers computer that they could. It ended up a joke, but we went along just in case.

We have over £1000 being paid directly into the account, both our experian reports are 100% clean, all green zeros, no defaults etc etc etc. We both have credit cards, no arrears on any of them etc.

We got annoyed this time Lloyds wouldn't let us upgrade so applied at Natwest.

They happily gave us a full current account with a £500 overdraft, a cheque book and £250 cheque guarantee card.

Guess where my wife is moving her business account to. Bye bye Lloyds

sscott5581

jonesMUFCforever wrote: »

How much is credited to the account monthly and where does it come from?
Most accounts with a turnover of less than £500 per month or benefits may well default to cash account even if your credit file is clean.

The account is not my main account however I pay over £500 every month, pay a couple of direct debits and make debit card payments.